Business and Finance
The deadline for submitting the report on beneficial owners is approaching
The deadline for entrepreneurs to submit a beneficial ownership report (BOI) is approaching. Failure to accomplish that can cost business owners 1000’s of dollars.
The Corporate Transparency Act (CTA), passed on January 1, 2024, goals to combat illegal financial activities, including tax fraud and money laundering.
For most business owners, the deadline to file beneficial ownership or corporate transparency reports is January 1, 2025, provided the company was incorporated before January 1, 2024. The rules are different for firms incorporated in 2024 and later.
The division of terms business owners should know the following:
- Companies formed or incorporated in 2024 can have 90 calendar days to file an application after receiving actual or public notice of effective formation or registration.
- Companies established or registered before January 1, 2024 have until January 1, 2025 to submit an application.
- Companies incorporated or incorporated on or after January 1, 2025 can have 30 calendar days to file an application after receiving actual or public notice that their formation or registration is effective.
According to US Chamber of Commerce, Corporate transparency reports must include the beneficial owners’ full name, date of birth, home address, and a photocopy of their U.S. driver’s license or passport.
Small business owners should provide the company’s full legal name, the company’s business address, the state or tribal jurisdiction during which the company was incorporated or first incorporated, in addition to its taxpayer identification number and identification documents comparable to a filed articles of incorporation or organization.
Posted by @egyptsherrod
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Failure to file a beneficial ownership report could cost you 1000’s
Under the CTA, firms that fail or break the rules reporting requirements could also be subject to civil penalties of as much as $591 per day. They he also faces a criminal penalty of as much as two years in prison and a fantastic of as much as $10,000.
At least 23 entities are exemptincluding large operating firms, firms with greater than 20 full-time U.S. employees and gross sales or receipts from U.S. sources of greater than $5 million.
Small business owner? Your company may have to fulfill a brand new federal filing requirement. Learn more about beneficial ownership reporting: https://t.co/8KJSDxZ5ZY pic.twitter.com/mh6dFKcULF
— FNB Community Bank (@FNBMWC) October 8, 2024
Excluded categories include: inactive entities that were established on or before January 1, 2020, but don’t conduct any energetic business; nonprofit organizations, except those whose nonprofit status is pending with the IRS; and small businesses which are members of the National Small Business Association (NSBA). March 1, 2024that is, on the day a federal court ruled in favor of the NSBA’s constitutional challenge against the CTA.
Business and Finance
Grocery prices continue to rise, but some states are feeling the brunt of the crisis
From 2020, grocery prices in the USA have increased According to the Bureau of Labor and Statistics, by 20%. According to the latest data collected by American households in 2023, American households spent roughly $270.21 per week on groceries. United States Census Bureau.
Hawaii and Alaska rank amongst the highest, with average weekly costs of $334 and $329, respectively. Both states receive a major amount of food from the mainland, so shipping costs drive up prices.
Californians pay a mean of $298 every week for groceries – the third highest in the country. The total cost of living in the Sunshine State is 38.5% higher than the national average, making it one of the most costly states lives in, according to.
On average, Mississippians pay $291 per week for food, it’s reported to be the fifth largest in the United States. According to the U.S. Census Bureau, Mississippi’s poverty rate is eighteen%, making it the second most impoverished state in the country. Similarly, New Mexico is one of the poorest states in the country and food costs are amongst the highest.
Midwestern states like Nebraska, Iowa and Wisconsin have some of the lowest food costs in the country, with the average weekly grocery bill starting from $231 to $235. These states are amongst the leading agricultural producers in the country, which lowers food prices.
In August 2024, Federal Trade Commission Chair Lina Khan announced that the agency planned to investigate grocery prices, which have been rising steadily since the Covid-19 pandemic.
“We want to make sure that major companies do not use their power to inflate grocery store prices for American families,” he added. Khan said in a press release. Additionally, this increase in grocery prices could have a fair more significant impact on Black Americans. While the overall poverty rate in the United States is 11%, data shows that African-American poverty is sort of 18%. collected by United States Census Bureau. In a study conducted by the National Institutes of Health, researchers discovered that compared to the national average, African Americans are more likely to experience food insecurity.
Business and Finance
The study shows the cheapest cities with affordable rent
On October 21, real estate company Clever published a study on the cheapest cities to live in for employees earning minimum wage. The federal minimum wage is $7.25, but it surely varies by state. The study took under consideration state minimum wage and basic rental costs when determining which cities are best.
“Clever evaluated the 50 largest housing markets in the United States, examining typical rental prices for various apartment sizes and their relationship to the minimum wage in the area.”
Earning the federal minimum wage signifies that a full-time employee will live below the poverty line. Before taxes, the worker would earn $1,190 monthly. Many of the locations listed are only above the poverty line, with the highest being Denver, Colorado at $18.29. Even as the city with the highest salaries, Denver is not in first place. 9 on the list. Buffalo, New York, ranks first with a $15 minimum wage and lower average rent.
The study shows that statistics show that Buffalo residents still struggle to afford housing.
“Minimum wage employees in Buffalo can expect to pay 39% of their income for a typical one-bedroom apartment. This is the lowest rent-to-income ratio of any major city in the country, but still higher than the common affordability threshold of 30%.
The reality today is that the housing and rental market is volatile. Many individuals are like that struggling with the burden of low wages, rising rent, hidden fees and rising inflation. Moving to a city with a greater wage-to-rent ratio can ease financial stress for people and families. With the spirit of optimism in mind, BLACK ENTERPRISES intends to destroy a few of the cheapest places to live.
Buffalo, New York
Nestled in the northeast corner of the United States, Buffalo is a hop and a skip away from Canada. The $15 minimum wage is twice the federal wage. Residents can ensure that they may experience a fantastic winter. The city is just 6 hours away from New York.
St. Louis, Missouri
Gateway Arch headquarters, St. Louis, is a city of synthetic wonders. The city has a minimum wage of $12.30 and the average rent is $984 monthly. The city has its own distinct Midwestern culture and is entirely home to its skilled baseball team, the St. Louis Cardinals.
Cincinnati, Ohio
Ohio is home to certainly one of the biggest living basketball players, LeBron James. Cincinnati cannot claim the honor of being the hometown of a legend. However, the city tied with Cleveland and Kansas City for sixth place on the list of affordable cities.
Denver, Colorado
Living near the mountains is just not for everybody. People who like extreme climates would do well in a city characterised by temperature fluctuations: from hot and dry summers to frosty and snowy winters. With a top minimum wage of $18.29, the mountains will be bearable.
Detroit, Michigan
Better often known as the Motor City and residential of Motown Records, Detroit is steeped in culture. The city is in 1st place in the rating. Number 10 on the list because 61% of the minimum resident income is required to cover the average rent of $1,060. However, if the cost of living in other areas is controlled, the remaining 39% can provide a good quality of life.
Business and Finance
A former Netflix marketing executive turned reality star is launching a wig brand
Bozoma Saint John takes his Fortune 500 marketing skills to his own empire. The former Netflix marketing executive launched her own wig and hair care company, Eve By Boz.
Saint John, 47, has already reached historic highs in her profession. After leading the marketing departments of tech giants like Apple, Uber and Netflix, he wants to start out his own empire.
She left the favored streaming platform in 2022 after which published a memoir about how, along with her premature daughter, she lost her husband to cancer. Healing from losses, Saint Jan wants to start out a legacy that honors her past and future.
She saw a gap within the hair care industry, particularly wigs, where women of color owned businesses. Especially for products aimed toward diverse women, with the identical demographic leading the best way, the trouble was too sparse for Saint John.
“Women of color and black women don’t really have a voice in the production process, they are the ones consuming the majority of the product,” she said.
Understanding this need, she began developing her line within the spring of 2023. She attended a hair show in Guangzhou, China, with a hair stylist to attach with vendors. She traveled across the continent to learn more about sourcing products.
After doing her homework, Saint John decided to speculate in herself and lift money to launch her wig enterprise. She’s put about “a few million” into the business, but she has the knowledge to succeed.
“I’ve worked for big enough companies and I have a lot of inventory in a lot of places,” she explained. “It’s time to reinvest in myself and that is exactly what I made a decision to do. Besides, I can have total control. I don’t need anyone telling me what to do.”
Saint John’s is changing the sport by offering additional lace colours for wigs. Diversifying color decisions will higher serve customers of all skin tones, which also stays a priority for Saint John.
“I don’t want to go on YouTube or Google and watch 14 million videos of black women and women of color working in kitchen pharmacies dyeing lace to match their skin,” she says. “My intention is for other companies to see the success of this company and follow suit.”
Eve By Boz will premiere in Saint John’s other project, an entry as a solid member on “The Real Housewives of Beverly Hills.” While it’s a coincidence, Saint John welcomes the eye for a product he considers a winner. The 171-piece Eve By Boz collection is now available exclusively on her website.
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